Let $T$ denote the random variable equal to the lifespan, in months, of a stopwatch and we assume it follows an exponential distribution with parameter $\lambda = 0.0555$.
Calculate the average lifespan of a stopwatch (rounded to the nearest unit).
Calculate the probability that a stopwatch has a lifespan between one and two years.
A coach has not changed his stopwatch for two years. What is the probability that it will still be in working order for at least one more year?
Let $T$ denote the random variable equal to the lifespan, in months, of a stopwatch and we assume it follows an exponential distribution with parameter $\lambda = 0.0555$.
\begin{enumerate}
\item Calculate the average lifespan of a stopwatch (rounded to the nearest unit).
\item Calculate the probability that a stopwatch has a lifespan between one and two years.
\item A coach has not changed his stopwatch for two years. What is the probability that it will still be in working order for at least one more year?
\end{enumerate}